MEP Says Malta Should Be Technology Innovation Hub

Metsola, who worked previously on blockchain in Europe, urged an increase in purchases on both conventional and digital structures by explaining that she understands why Malta, as well as, Gozo are rightfully being referred to as the blockchain islands, but that she is looking forward to seeing Malta become a technological focal point in the not too distant future.

Malta Perfect for Innovation

She continues on to say that Malta possesses the ideal environment for this and that it is possible to make the island the home to digital innovation and invention, proving a safe place for various industries to grow, as they will be fueled by the protection of policies and legislative decisions. She further stated that to make all this possible, massive investments need to be undertaken both in a conventional sense and a technological one as well. The country also must implement the appropriate regulations needed for the growth of the sector.

Metsola noted that blockchain tech, AI, and cryptos are currently completely transforming the way business is done. She pressed that individuals should make sure any anti-money laundering requirements from the police are attended to. The system is still new, she said, and mostly not understood well by the public, and it shouldn’t be used to create darknets or anything similar to gift criminals yet another way to obscure stolen wealth.

She showed admiration for the legislative frameworks laid down in Malta, which were passed during the summer and highlighted that the island should be prepared to completely understand the extreme benefits that blockchain offers.

The brand new legislation that was passed by the parliament in Malta is a great move in the right direction, like the digital authority of innovation in Malta, who will be overseeing the various companies within the sector. She said Malta should continue to be adaptable and vigilant and also continue to expand to help the economy going forward, and that the country should support the creations of others.

Metsola emphasized the importance of targeted regulations stating that when she was in Europe she had been very suspicious of impulsive, sometimes not even necessary, regulations put forth to restrain innovative ideas. For Blockchain, AI, and many others, she said that when it comes to applying regulations, it is important to recognize if they have been put in place just for the idea of putting them in place or if they truly serve an necessary purpose. The Maltese government should seek the correct types of regulations and security measures that are targeted and detailed, which should be done with precise timing.

Metsola explained that continued focus with these problems is crucial and must always rely on the idea of uncovering the latest technological development, while also making security stronger to make people’s ease people's fears.